No matter the amount of assets you possess, your age, or your current state of health, proper estate planning is a must. From wills to trusts and virtually everything in between, the team at Ng & Niebling help clients in Honolulu create estate plans that keep assets where they belong and ensure families are well-taken care of after the death of a loved one. Below, they explain some of the benefits of estate planning.  

Estate Planning’s 3 Crucial Advantages

1. Lessens Tax Expense

Proper estate planning can decrease your estate’s tax burden. If you don’t account for estate taxes, the costs are passed down to your heirs. Depending on the situation, they may be tasked with paying back exorbitant tax amounts, which can be financially devastating. An attorney can help structure an estate plan to ensure costs remain low and money is allocated for taxes. 

2. Makes Your Wishes Known

In addition to ensuring your belongings are distributed according to your wishes, an estate plan should name a health care proxy. They will make your wishes known if you are incapacitated. The type of care you receive in a terminal situation (for example, palliative or curative care) can be outlined in an advanced medical directive, which medical staff will refer to if you’re unable to provide instructions. Without this document in place, decisions could be left to family and staff, who may not know what you prefer.

3. Ensures Your Legacy Remains Intact

A good estate plan should also help preserve your legacy. You want your family to be well-cared for after you’re gone, whether that entails naming a guardian for minor children or dispersing property and assets to heirs. Failure to do so can harm your legacy, especially if your estate is subject to probate (which would leave many decisions at the hands of the court).

Integrity, trust, commitment: Ng & Niebling rely on these principles as they help their clients with comprehensive estate planning. Schedule a consultation today by calling (808) 732-7788. You can also make use of the online contact form to receive a free initial consultation.